FAVOURABLE AND UNFAVOURABLE BALANCE OF TRADE
FAVOURABLE AND UNFAVOURABLE BALANCE OF TRADE
The balance of trade or Net Exports is the difference between the monetary value of exports and imports of output in an economy over a certain periodof time. It is the relationship between a nation’s imports and exports. A favorable balance of trade is known as a trade surplus and consists of exporting more than is imported; an unfavorable balance of trade is known as a trade deficit or, informally, a trade gap.
1. Favourable Balance of Trade
When there is an excess of exports over imports, it is called favourable balance of trade. In 1976-77 in India the imports were of value of INR 5073 crore while exports were of value of INR 5142 crore. Thus, balance of trade was +INR 69 crore. Further, it assists in strengthening the economy of a country.
2. Unfavourable Balance of Trade
When there is excess of imports over exports, it is called an unfavourable balance of trade. In India in 1982-83 imports were of value INR 14,047 crore while exports were of value of INR 8,637 crore. Balance of trade was INR -5410 crore. Further, it create problems for an economy.
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